Current Events Blog for Mrs. Countryman's AP United States History class at Booker T Washington High School for the Performing and Visual Arts in Dallas, Texas.
Tuesday, December 16, 2014
Wealth gap widens ever further- Hannah Clifford 5th period
http://money.cnn.com/2014/12/12/news/economy/wealth-by-race-pew/index.html
The wealth gap between white and other ethnicities is wider than ever before. Even though the recession has everyone, the average wealth for whites has actually gone up in the past few years. In 2013, it went up by 2.4%. At the same time, black household net worth went down by a third an Hispanic wealth dropped by 14%. Between 2010 and 2013, the drop in median income for minorities was 9% while for whites, it was merely 1%.
This was written by Tami Luhby on December 15 for CNN. This is all very unsettling. Though there are many factors that go into the tallying of these statistics, but because whites are generally gaining from these facts, I can't help but think of the period of time right after Lincoln's Emancipation Proclamation. When the slaves in the confederate states were free, many of them searched for jobs. Though they were payed, they're employers did not provide them with the full pay that they should have received. Discrimination towards minorities has always been a huge problem in our country and unfortunately, this proves that the situation is not completely fixed.
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When they say that the rich get rich and the poor get poor, it is true. The gap created years ago was so vast that the flow of money will continue to move in a way that benefits one and not all.
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